The Golden Years in Taiwan: A Paradise for the Expat Retiree

The Golden Years in Taiwan

Hello, fellow globe-trotters! Ever thought about sipping a cup of oolong tea while gazing upon the majestic Taroko Gorge, right from your balcony? Perhaps you've dreamt of the serenity of a peaceful retirement nestled in the heart of vibrant, bustling Taipei or the laid-back vibe of Taiwan's coastlines? If these thoughts have ever crossed your mind, you might want to consider Taiwan as your retirement destination. But before you book your one-way ticket, let's chat about the ins and outs of retiring in Taiwan, shall we?

A Slice of Paradise Taiwan for Retirees

Taiwan has long been a coveted destination for expatriates, thanks to its remarkable blend of traditional Chinese culture, contemporary metropolitan life, and breathtaking natural beauty. The country boasts an excellent healthcare system, a cost of living that won’t have your wallet screaming for mercy, and a cuisine that will make your taste buds break into a jig.

But First, the Legal Bits

Getting to Taiwan is one thing, but staying there is another. To retire in Taiwan, you need to be at least 45 years old (let’s call it the new 35, shall we?). You also need to have a tidy sum in your bank account or a stable monthly income. This is just their way of making sure you won’t be busking on the streets of Taipei to make ends meet.

Speaking the Local Lingo

If you want to get by, speaking Mandarin is a definite plus, but don't sweat it if you can't. English is widely spoken in the cities, especially among the younger generations. But if you're looking for a fun way to stay mentally fit, learning a new language could be just the ticket!

Healthcare

A Major Plus Taiwan’s healthcare system is top-notch and affordable to boot. Expats often rave about the quality of care they receive, and the short wait times are a cherry on top. But don’t go climbing mountains without a safety rope just yet; remember, safety first!

Cultural Immersion

Taiwanese people are known for their warm hospitality, so you’ll fit right into the community in no time. With a myriad of cultural festivals, traditional markets, and mouthwatering street food, you'll find your social calendar filling up faster than you can say "dim sum"!

Affordability: Living the High Life on a Budget One of the many perks of retiring in Taiwan is its affordable cost of living. This island nation boasts one of the best standards of living in Asia and, dare we say it, the world. Now, you might be wondering, "just how affordable is affordable?" Well, buckle up, because we're about to dive into some figures.

Let's take a trip to Numbeo, an online database that provides a cost of living index for cities worldwide. It's like Yelp, but for expenses. You can take a look at the detailed costs here. But for the sake of simplicity (and to spare you from the horrors of number-crunching), we've summed up the key points below:

Taipei:

Average monthly rent for a one-room apartment: 25000 NT (about 812.00 USD) Average hot meal (think a Bento Box that'll make your palate sing): 240 NT (just 7.80 USD!) Average monthly salary: 57,700 NT (approximately 1,840 USD)

Taichung:

Average monthly rent for a one-room apartment: 20,000 NT (roughly 650 USD) Average hot meal: 175 NT (a steal at 5.69 USD) Average monthly salary: 32,700 NT (about 1,041 USD)

Kaohsiung:

Average monthly rent for a one-room apartment: 15,000 NT (approximately 487.00 USD) Average hot meal: 150 NT (yep, still 4.88 USD) Average monthly salary: 37,000 NT (roughly 1,200 USD)

Just look at those figures! With such reasonable living costs, you won't have to choose between eating out and paying rent. Instead, you'll be too busy deciding whether to spend your weekends exploring the night markets or hiking in the breathtaking Yangmingshan National Park

What's the Catch?

Now, we all know that no place is perfect. The weather in Taiwan can be a little on the humid side, so if you're the type that melts in the heat, you might want to think twice. And if you're not a fan of the occasional typhoon, you might find the weather a tad bit dramatic.

Frequently Asked Questions (All the Taiwan Retirement Info You Didn't Know You Needed)

Q: Is there a Retirement Visa in Taiwan? A: No. But there are ways of living in Taiwan long term during retirement, such as the Plum Blossom Card, Gold Card, setting up your own company, through relatives, or using the 90-day visa-free program.

Q: How do I apply for a permanent residency investment visa as an investor or business owner in Taiwan (also known as the APRC Plum Blossom Card)? A: If you are an investor or business owner in Taiwan, you must complete one of the following investment requirements:

Invest over NT 15 million (500,000 USD) in a for-profit enterprise in Taiwan and create five or more job opportunities for ROC nationals for three years.

Invest over NT 30 million (1 million USD) in Taiwanese government bonds for over three years. Q: How do I apply for permanent residency in Taiwan (APRC)? A: Check out our APRC FAQ here.

Q: What is the Taiwan employment gold card? A: The employment gold card is a four-in-one visa, work permit, alien resident certificate, and re-entry permit. It also provides other benefits to foreigners, as mentioned below.

Q: What benefits does Taiwan's employment gold card have? A: The main benefits associated with the employment gold card or special professional work permit are as follows:

A tax benefit of only being taxed on 50% of annual income above 3 million NT, for the first five years in which the foreigner is a tax resident (stays in Taiwan over 183 days).

Exemption from tax on overseas income (alternative minimum tax, or AMT) for the first five years in which the foreigner is a tax resident (stays in Taiwan for over 183 days).

Individuals that apply for the gold card are free to change jobs or employers freely without application from the labor bureau for the duration of the gold card (3 years).

Those that meet the requirements for a gold card do not have to meet the 5 million NT paid-in capital requirement (or annual 10 million NT turnover) for a company to sponsor a work permit. Q: Who can apply for and obtain Taiwan’s employment gold card? A: Foreigners that are specialists in their field. This includes ROC dual citizens and citizens of Macau and Hong Kong, but not ROC citizens with household registration.

Q: What are the requirements for the employment gold card? A: The full requirements for foreign special professionals can be found here.

Q: What kind of resident permits are there? A: According to the Bureau of Consular Affairs, there are nine different types of resident permits:

CODE-A: Employment CODE-TR: Changing a visitor visa to a resident visa CODE-P: Touring, visiting relatives CODE-TS: Foreign spouses CODE-B: Business CODE-FR: Studying Chinese CODE-R: Religious CODE-FC: Overseas Chinese students CODE-FS: Foreign students

Q: Does Taiwan allow dual nationality? A: Yes if you are born Taiwanese, but no if you are a foreigner. You can consider revoking your citizenship and becoming aTaiwan National as a way to stay in Taiwan permanently, but it is a complicated process.

Q: What are the retirement requirements for employees in Taiwan? A: For local Taiwan employees, according to Art. 53 of the Labor Standards Act, a worker may apply for voluntary retirement in any of the following situations:

Where the worker attains the age of 55 and has worked for 15 years.

Where the worker has worked for more than 25 years.

Where the worker attains the age of 60 and has worked for 10 years.

Q: What are Taiwan's pension schemes like? A: Taiwan has two pension schemes: the old pension and the new pension, which are compulsory for all employees in Taiwan.

Employers are required to deposit at least 2% of their monthly salary into the old pension scheme and 6% of their monthly salary into the new pension scheme.

Employee contributions to either pension scheme are voluntary. For more details, refer to the information provided above.

Q: I'm a wealthy retired foreigner with no ties to Taiwan; how do I immigrate and retire in Taiwan?

A: If you have lots of money, consider setting up a company or representative office or investing enough money for a plum blossom APRC.

Q: I'm a retired foreigner without a ton of cash, how do I immigrate and retire in Taiwan? A: Consider working in Taiwan or finding love here. There aren't very many other options.

Q: What is the tax system in Taiwan like for retirees? A: For Taiwan tax residents, Taiwan has a tax deduction of 6.7 million NT (210,000 USD) per year for foreign-sourced income.

Q: How do I send money to Taiwan? A: There are many ways to send and receive money in Taiwan.

Q: Does Taiwan have foreign exchange controls? A: No, you can send and receive money in Taiwan freely.

Q: How does Taiwan make money? Where does Taiwanese wealth come from? A: Taiwan makes most of its money by exporting electronics. Electronics are the most important part of Taiwan’s economy. Taiwan is the world’s largest supplier of computer chips. Also, over 70% of Taiwan’s GDP comes from the service industry.

Q: Which bank should I use in Taiwan? A: Most banks will let foreigners set up an account. Some handy accounts to have when shopping are with Cathay Pacific, which has the Costco credit card; CTCB, which is PX Mart, and Yushan Bank, which is aligned with Carrefour.

Q: How do I open a Taiwan bank account? A: Typically, you can walk into any bank, and open an account if you bring your passport and/or ARC.

Q: What type of economy does Taiwan have? A: Taiwan is an advanced liberal economy and the 7th largest economy in Asia. It is a member of the WTO, ADP, and APEC, and an observer of the OECD.

Q: Is Taiwan a developed Country? A: Yes, with a GDP PPP (Purchasing Power Parity) nearly equivalent to that of Australia, it has one of the highest living standards in Asia. Also, it has the best quality of life for expats in the world, according to an article by InterNations.

Q: Does Taiwan have reliable and unrestricted internet? A: Yes, Taiwan has some of the fastest and least restricted internet in the world.

Q: Does Taiwan have reliable and clean water? A: Taiwan has a stable water supply; however, there can be droughts and water rationing in the winter. Tap water is safe to drink in Taipei, but you may still want to boil water or use a water filter because the water infrastructure in some buildings may not be totally clean.

Q: Does Taiwan have reliable electricity? A: Yes, however, there may be blackouts once or twice a year due to peak electricity or natural disasters.

Q: Does Taiwan require heating or air conditioning? A: Yes. In the summer, it can get very hot, so A/C is needed. Winters are milder in the south, but some kind of heating is needed to get through the winter months comfortably in the north.

Q: What kind of appliances do Taiwan apartments have? A: Taiwan apartments usually have washing machines, gas stoves, sinks, rice cookers, A/C units, fans, T.V., and internet. Ovens, toasters, dryers, and dishwashers do not come standard in Taiwan apartments. Clothes are usually hung on a line to dry.

Q: Is Taiwan safe? A: Yes, Taiwan is one of the safest countries in the world, according to Prescavve, due to low crime and high economic freedom and development.

Q: Where can I buy groceries in Taiwan? A: Carrefour, PX Mart, Shoppee, Uber Eats, Food Panda, and Costco should have all the groceries you need. There are also a few expat stores in Taipei, especially in the Tianmu area.

Conclusion

Is Taiwan Your Retirement Paradise? So, is Taiwan the Shangri-La for retirees? That depends on you! If you appreciate a mix of traditional and modern, relish the idea of affordable living, and don’t mind the occasional tropical storm, then pack your bags! Taiwan might just be your slice of retirement paradise.

Now, wasn't that a whirlwind tour? If you're feeling intrigued and want more details, don't hesitate! Reach out to our resident travel guru, William Murphey, over at Amaiwan Traveler. He's got a wealth of information, handy tips, and probably a few funny stories to share about his own experiences.

And, of course, keep coming back to our blog for more exciting destinations, travel tips, and retirement dreams. We'll be waiting for you, fellow traveler! Until then, safe travels and adventurous dreams! Your dream retirement might just be a click away!

In the meantime, why not share your own travel dreams, experiences, or even your favorite street food recipe with us? We're all ears... and stomachs! You can leave a comment below, or better yet, connect with us on our social media channels. Let's turn this travel dream into a global conversation!

So, until our next virtual meet-up, keep your passports ready, your dreams big, and your spirits high. Adventure is out there, fellow travelers, and we can't wait to help you find it.

Bon Voyage!

P.S. Remember, at Amaiwan Traveler, we don't just talk about travel; we live it. And we want you to live it too. So, don't be shy, reach out to us, and let's turn those travel dreams into reality. Your adventure is our adventure. Now, how's that for a travel channel?